Law Latte Blog

Let’s Talk Law…

Archive for the 'Tax Tips' Category

10 Quick Tips – It’s Tax TIME

Thursday, February 16th, 2017

It’s tax time, and whether you prepare your own taxes or have a professional prepare the taxes for you, don’t overlook deductions and avoid these common mistakes which will cause a delay in your refund or generate a letter from the IRS: Watch for Data-Entry or Math Errors.  Proofread essential information including W2 and 1099 […]

5 Tax Organizing Tips for Farmers

Tuesday, January 10th, 2017

My farm clients have started calling for tax appointments, even though they don’t have all their financial information collected. As you gather information for your tax preparer, keep these tips in mind:   1.  Separate your major farm activities into separate businesses (Enterprises). If you have multiple farm entities, each should have its own bank […]

Merry Christmas – Here’s Your Prenup

Wednesday, December 21st, 2016

Christmas and the holidays are the most festive and romantic time of year.   43% of engagements happen between November and January, with the top proposal dates as Christmas Eve, Christmas Day, New Year’s Eve, and Valentine’s Day.  (These believable but unsourced statistics were found on Wedding Wire and Elite Daily). For farm families, the addition […]

Latest from the IRS

Saturday, March 5th, 2016

IRS E-Signature Basics

Saturday, August 1st, 2015

Infographic from Signix, a provider of e-signature services, about the basics of e-signatures as pertains to IRS tax returns.  Yes, this infographic is partially advertising for their services, but it’s interesting, and coming soon to your tax return process.

“IRS” Scam Phone Calls

Friday, September 5th, 2014

I’m including the entire notice by the IRS, below.  This actually happened to me – I received a very threatening phone call from someone claiming to be from the IRS and telling my that I had been reported to local law enforcement, and a warrant for my arrest had been issued for unpaid taxes. As […]

Refunds for 2010 expiring SOON!

Monday, March 24th, 2014

Another report from the IRS notes that $760M in refunds from 2010 are unclaimed because taxpayers have failed to file a return.  The table identifies available refunds by state, with California (not unexpected) leading the pack with an estimated 86,500 taxpayers and a potential payout of $69M.  Texas is a close second with 80,600 taxpayers […]

2014 March – IRS Filing Statistics

Monday, March 24th, 2014

More than half of all individual tax returns have been received as of March 14, 2014. 2014 FILING SEASON STATISTICS Cumulative statistics comparing 3/15/13 and 3/14/14 Individual Income Tax Returns: 2013 2014 % Change Total Receipts 74,882,000 75,100,000 0.3 Total Processed 69,153,000 73,157,000 5.8 E-filing Receipts: TOTAL 68,029,000 68,966,000 1.4 Tax Professionals 40,117,000 39,413,000 -1.8 […]

Disappearing Deductions – 2014 Edition

Friday, November 29th, 2013

A number of tax benefits either expire or are reduced after December 31, 2013.  Don’t lose an opportunity to reduce your 2013 taxes by taking your last-chance advantage of these deductions: Some of the Expiring Deductions Include: •    K-12 Teacher $250 deduction for purchase of school supplies for classroom. •    Deduction of qualified mortgage insurance […]

Renting Farm Buildings to Your Farm Corp

Tuesday, April 30th, 2013

Question from a Client: I am looking into building another building on my farm and looking at options. I was curious about the lease option for a building and the tax benefits associated with that method. My question is what is the lease residual that I need to maintain in order to keep it as […]

Tax Tip – There’s still time: IRA Contribution for 2012 taxes

Friday, February 8th, 2013

Check out the infographic for a good breakdown of 2012 IRA contributions – you have until April 15, 2013, to make the contribution: Equity Trust’s Guide to 2012 IRA Contribution Limits

Fiscal Cliff Notes – January, 2013

Wednesday, January 2nd, 2013

In case you haven’t heard the trumpets, the so-called “fiscal cliff” was averted at the last minute – sort-of.  Basically, Congress passed more-or-less extensions of the world-as-we-knew-it December 31. Rather than going into detail here, I will point you to some very good news and blog sources that have already said it well.  No need […]

Last Call for Property Tax Exemption Filing!

Wednesday, December 26th, 2012

In Indiana, you have until end-of-office-hours on December 31 to file for the homestead exemption.  If you do not file (or verify that you have proper exemption status), you may be contacted by your friendly County Auditor that your homestead exemption could be terminated. Homestead exemption reduces your property taxes by reducing the assessed value […]

Tax Tip – Donate Unused Sick/Vacation Leave to Hurricane Sandy Relief

Wednesday, November 7th, 2012

Interesting announcement from the IRS – you can donate your accumulated sick or vacation leave to Hurricane Sandy relief efforts.  Your employer makes the donation on your behalf to a qualified §501(c)(3) charity, and the “used” leave does not appear on your W2.  Employers can deduct the payment as an expense (but the employee cannot […]

Where Your Tax Dollars Go

Monday, September 17th, 2012

Here’s how almost $944 billion in 2010 individual income tax revenue has been allocated in the 2011 budget (most recent numbers available): (Click image for larger format)